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Set off of Loss against Income from Other Sources is prohibited wef 01.04.2017
Case Law Details
- Case Name
- Sri. John Daniel Vs ACIT (ITAT Cochin)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-2016
- Courts
- All ITAT, ITAT Cochin
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Sri. John Daniel Vs ACIT (ITAT Cochin)
The assessee an individual is proprietor of Sunmoon Hospitality. For the assessment year 2015-2016, the return of income was filed on 31.10.2015 declaring total income of Rs.22,18,070. The assessment u/s 143(3) of the I.T.Act was completed vide order dated 30.03.2017, wherein the total income arrived was at Rs.26,05,110.
Subsequently, the CIT issued notice u/s 263 of the I.T.Act. According to the CIT, the assessment completed u/s 143(3) of the I.T.Act on 30.03.2017 is erroneous and prejudicial to the interest of the revenue for the reason...
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